Cosco Capital Inc., the investment holding company of billionaire Lucio Co., reported Friday net income in the first half increased 9.1 percent year-on-year to P3.53 Billion, mainly on gains from grocery and liquor businesses due to a steady recovery in consumer spending.
Total revenue in the first half 12 percent up to P98.18 billion despite the challenges from the lingering macro-economic impact on businesses. The bulk of revenue, or P91.23 billion, came from net sales of grocery retail operations, primarily from Puregold that reported 4.8 percent growth in net income to P4.40 billion in the first half.
Cosco said the commercial real estate segement increased revenue by 9.8 percent to P952.45 million, helped by an economic recovery that allowed tenants to gradually improve their business operations and the resumption of rental rates based on contracts. Net income in the first half was, however, down 9.1 percent to P463.40 million.
Revenue from the liquor distribution business surged nearly 19 percent to P6.50 billion on the back of a 10 percent increase in sales volume while net income was up 26 percent to P42.6 million.
